Mr Vajihollah Jafari, Managing Director of Iran Minerals Production and
Supply Company (IMPASCO), said the company has conducted over 600,000 meters
of drilling from 2002/3 to 2017/18. “Considering the implementation of
exploratory activities, IMPASCO has acquired exploration certificate for
exploring 48,560 km2 of area 37,900 km2 of which have been accomplished and
35,359 km2 are underway”, he announced.

He added that the study of 51 main targets to obtain a new exploration
license related to the completed areas is on the agenda.

He noted that a total of 680,000 meters of drilling has been carried out by
the IMPASCO from 2002/3 up to 2017/18, 270,000 meters of which was core
drilling which was conducted from 2013 to 2017.

Mr Jafari reiterated that out of the covered drillings carried out from
2002/3 to 2017/18, 28% is dedicated to the coal exploration and the
remaining to metal fields (Iron Ore and Poly Metal). At present, a large
number of final reports on exploratory activities (19 cases) have been sent
to the Ministry of Industry, Mine and Trade provincial departments or the
Headquarters of such Ministry for issuing new certificates or data deposit
upgrading current discovery.

He further remarked: “Within the period from December 2017 to January 2018
we had a plan to produce 665.000 tons of zinc soil which was increased upto
723,380 tons while the plan to produce 300 tons of gold was increased to 490
tons as well.”

The Managing Director of IMPASCO, referring to the performance of the Mouteh
Gold Mine Complex over the past 5 years, stated: “During this period,
comparing with past years, the mine has had appropriate performance and
followings are the four records which have been registered at this complex:

1. Record registration of the most processed soil since the factory
start-up.

2. Record registration of the highest production efficiency over the past 13
years

3. Record registration of the lowest stoppage time of the factory since its
start-up

4. Record registration of the highest production within the past 24 years

He also referred to the record registration of production of more than one
million tons of lead and zinc in 2014/15 which is unprecedented in the
history of the operation at Angouran Mine.

Mr Jafari, referring to the performance of the Joghatai Ferrochrome Complex
in recent years, said 18,346 tons of ferrochrome were exported to the
Netherlands, Belgium, Japan, Turkey, China and India in 2015/16 and 2016/17,
ocassioned about $24 million dollars as foreign exchange to the country.

He further added that “the production plan of Nakhlak lead concentrate was
1500 tons last year which was increased to 2700 tons by mid January 2018.

The Managing Director of IMPASCO, in conclusion, said the final operational
plans, for next 4 years, fall within three major groups and expressed “we
hope that 28 Exploration Certificates, 30 Exploration Licenses, and 137.000
meters of drilling will have been obtained by the end of 2021.”